Tether Freezes $39.3 Million in USDT Linked to Xinbi

Tether has frozen approximately $39.3 million in USDT across 10 Tron addresses linked to Xinbi Guarantee, a Chinese-language marketplace that blockchain investigators have associated with billions of dollars in crypto transactions. The freeze was first reported on September 8 by MistTrack, an onchain tracing platform developed by SlowMist. The affected wallets collectively held 39,273,713 USDT at the time of the restriction. The balances were distributed unevenly among the ten addresses. The largest wallet contained about $10.78 million in USDT, while three others held approximately $8 million each. Additional wallets held around $2.04 million, $1.28 million, and $1.17 million, with three addresses holding just $1 USDT each. MistTrack traced one of the larger wallets directly to Xinbi Guarantee, showing transfers from wallets labeled "Guarantee Merchant" before funds moved to another Xinbi-linked address. Tether has not publicly confirmed the freeze or provided a reason for targeting these specific addresses. Xinbi Guarantee, which emerged on Telegram around 2022, operates as an escrow service connecting merchants and buyers, utilizing cryptocurrency for settlements.